Good morning,
There’s an upside to inflation for business owners. You likely won’t need to resort to discounts anytime soon and in fact, you may even need to raise prices. Currently, inflation is pushing price increases at a rate of about 5 percent per year and while that might not sound like a lot, it's a considerable jump from the 2 percent annual increases the U.S. has seen over the past decade. And it likely won’t level off anytime soon until supply chain problems are fully resolved, which logistics experts estimate may happen as late as 2023.
To compensate, businesses will need to make changes, including raising prices, making budget cuts, and reprioritizing needs--all while trying to keep customers happy. Read on for tips on how to cope with inflation woes and keep losses to a minimum. |
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